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Where Are All the Millennials?

I’ve been both a Seller’s and Buyer’s agent for over 25 years…27 to be exact. There is a trend that I’ve been noticing for a while – that trend is fewer and fewer under 30 are getting into the real estate market.

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So, I did a little research and came up with a few reasons why that might be:

  • Millennials have staggering levels of student debt
  • Millennials only see doom and despair associated with the housing market; they experienced the Great Recession firsthand and the housing meltdown
  • Millennials value mobility, not looking for roots, in terms of homeownership
  • Millennials’ vision of financial freedom is being debt-free, not leveraging
  • Millennials are getting married and having children later…so, no need for the house
  • Some just stay flexible to concentrate on careers

All is Not Lost

If you’re a millennial, here are a few ways to ease yourself into the real estate market:

  • If you are currently living at home, take advantage of the time and save up for a small down payment. It doesn’t have to be large.
  • Work with a loan agent who is familiar with low to no money down loans. Those loans do exist. You just have to look for them.
  • Have a family member invest in your future and be a co-equity owner or have a down payment gifted.
  • Homeowners can take advantage of tax breaks not available to renters.
  • Generally, home values tend to increase in the long term, therefore building equity in later years.
  • The options of housing stock are greater now than before: smaller homes, multi-family, condos, live/work options, etc.

 
There’s no doubt that home ownership is at an all-time low. As with most things in life, it’s cyclical. Can you continue to shell out your hard earned dollars for rent with nothing to show for it? Do what I did. I bought a home that had an option to rent out a portion. My motto has been, “I’d rather have someone else help me pay my mortgage!” Sounds good to me. What about you?

Interested in Owning a Home?

If you are interested in learning more about home ownership, contact me.

Ken Molina
808.344.6421
ken@hawaiilife.com

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George Walter

September 26, 2016

Great blog, Ken. I’ve forwarded to my daughter. Our kids need to understand that it’s not that difficult to plan for and make good decisions now. Home ownership is attainable for those that are determined to make it happen.

Ken Molina

September 27, 2016

George,
Thanks for reading. It will happen when the time is right.

George Walter

September 26, 2016

Great blog, Ken. I’ve forwarded to my daughter. Our kids need to understand that it’s not that difficult to plan for and make good decisions now. Home ownership is attainable for those that are determined to make it happen.

Ken Molina

September 27, 2016

George,
Thanks for reading. It will happen when the time is right.

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